RIP: Dubai's Dream Falling With The Price Of Oil

TreeHugger has posted many times on Dubai's sometimes "green," sometimes wretchedly-excessive building boom (please pardon one last requiem use of the now much out-of-favor "green"). The boom is over; and a crash looms for Dubai landlords and credit holders. Falling oil prices have a lot to do with it. See more below the fold.From CBS News, "Once Booming Dubai Goes Bust":

Banks aren't lending. Projects are shelved. And the normally secretive government has had to acknowledge it has one of the highest levels of per-capita debt in the world -- and not enough oil to pay for it.

"The worst is still yet to come in the sense of people losing properties" Khadri says. "That will happen."

Can you imagine the outcome of massive car fleet switch-over to plug in hybrids and oil falling back down to a few bucks a barrel as demand crashes still further? Pushers won't be able to afford their limos anymore. This is so emblematic.